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China to Establish Giant Textile Companies
The Chinese government will encourage big textile manufacturers to develop into giant companies with international competence in the next five years, according to a Five-Year Plan for the textile industry released by the State Economic and Trade Commission (SETC).
China is the biggest textile clothes producer in the world. The industry has been improved in terms of technology, quality and economic returns through restructuring over the last five years.
However, problems such as low efficiency and structural imbalance still prevail and will inhibit the industry's global development as China enters the World Trade Organization, according to sources with SETC.
Therefore, the government plans to break barriers for the industry's further development and provide services to attract international capital and maintain a fair market.
The Five-Year Plan predicts that the textile industry will see an average growth rate of 6.5 percent and the added value will increase to 430 billion yuan (51.8 billion U.S. dollars) in 2005 from the record of 267.8 billion yuan (32.3 billion U.S. dollars).
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